THE Arroyo administration has revised the new Motor Vehicle Development Program (MVDP).
Trade Undersecretary and Board of Investments (BOI) Managing Head Elmer Hernandez told reporters last week that the President signed Executive Order 877-A on June 3.
Hernandez said this order comes with a memorandum from Malacañang stating that EO 877-A supersedes EO 877 dated April 23.
EO 877 or “The Comprehensive Motor Vehicle Development Program” had typographical errors and omitted an important provision on investment requirements.
In a copy of EO 877-A obtained by The Manila Times, Article 1, Section 3, stated: “The new participant shall, within one (1) year from date of registration with the MVDP, invest in the manufacture and/or assembly of motor vehicles and its parts and components at least US$ 10 million for passenger car assembly; US$8 million for commercial vehicle assembly; or US$2 million for motorcycle assembly…”
The minimum investment requirements for new manufacturers of passenger cars and commercial vehicles were actually the same as in the preceding MVDP under EO 156.
This provision was inadvertently omitted from EO 877, industry sources told The Manila Times.
Hernandez said EO 877-A would be published within this week.
The new MVDP will take effect 15 days upon publication.
Hernandez said the MVDP’s implementing rules and regulations is 60 percent complete, adding that these would be presented to industry stakeholders.
The implementing rules should be in place 60 days from the effectivity of EO 877-A, he said. –Ben Arnold O. De Vera, Manila Times
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